Yankees third baseman Alex Rodriguez rounds the bases after a home run in September. / Anthony Gruppusok, US PRESSWIRE

by Brian Heyman, The Journal News

by Brian Heyman, The Journal News

News Corporation has an agreement to acquire a 49 percent equity stake in the Yes Network, the New York Yankees' regional cable sports channel.

The deal gives the News Corporation, which owns Fox, the option to increase its stake up to 80 percent stake after three years.

"We are excited to have News Corporation as a partner," Yankees managing partner Hal Steinbrenner said in a statement. "The Steinbrenner family expects to have a continuing, long-term ownership stake in the Yes Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come."

This begs the question of whether News Corporation is attempting to buy the Yankees from the Steinbrenner family down the road.

A notion Hal Steinbrenner has vehemently denied, saying the team is not for sale.

News Corporation did not disclose the purchase price.

In addition, the Yankees have committed to stay on the Yes Network through 2042.

"We at Yes, along with the New York Yankees and our financial partners Goldman Sachs, NJ Holdings and Providence Equity, had an incredible opportunity to build a network that quickly became â?? and remains - the number one regional sports network in the country," said Yes CEO Tracy Dolgin. "Fox wrote the book on regional sports networks, and we are excited to partner with Fox and take advantage of this opportunity to build upon our leadership position."

The Yes Network, launched in 2002, has approximately nine million subscribers in the New York area and about 15 million nationally. The network also broadcasts Brooklyn Nets games.